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At the beginning of 2021, VHF Industries acquired a machine with a fair value of $4,803,660 by issuing a three-year, noninterest

Serga [27]

Answer:

a. What is the effective rate of interest implicit in the agreement?

I used an Excel spreadsheet and the RATE function:

PV = 4,803,660

FV = 6,000,000 (optional)

Nper = 3

Payment = -2,000,000

Rate = 12%

b. Prepare the necessary journal entry.

Dr Machinery 4,803,660

Dr Discount on notes payable 1,196,340

Cr Notes payable 6,000,000

c. Suppose the market value of the equipment was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 11%. Prepare the journal entry to record the purchase of the equipment.

we would need to determine the present value, again using an Excel spreadsheet and the PV function:

PV = $4,887,429.43 ≈ $4,887,429

Dr Machinery 4,887,429

Dr Discount on notes payable 1,112,571

Cr Notes payable 6,000,000

8 0

4 years ago

What are stable and Impulse goods?

Citrus2011 [14]

Hello there!

Staple and Impulse goods tend to be around places like the supermarket/stores/etc. Here are what they are:

Staple goods:

Goods that consumers buy on a regular basis, and consumed regularly.

Staple goods are very common in places like supermarkets. Staple goods are goods like milk, eggs, bread, sugar, etc. These items are what consumers usually go to the store for, and they usually put these specific items on their "to buy" list when they go shopping.

Impulse goods:

Goods that tend to not need planning in order for a consumer to buy. This is typically known as the "surprise lets buy that" type of goods.

Impulse goods are goods that people usually don't think of getting, but when they see it, they get it anyways. These would be known as things like snacks, candy, etc. People usually don't put those items on their "to buy" list, but when they see it, they buy it anyways. To sum it all up, these types of items do not need planning to buy, and could be an "out of nowhere" purchase.

5 0

3 years ago

Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. On its rece

otez555 [7]

Answer:

Allowance for Doubtful Account

Accounts written off $56 Beginning balance $375

[$375+$14-$333]

Bad debt expense $14

Ending balance $333

Accounts Receivable (Gross)

Beginning balance $13,389 Accounts written off $56

[$13014+$375]

Net sales revenue $69,943 Cash collected $67,956

[$13389+$69943-$56-$15320]

Ending balance $15,320

[$14987+$333]

3 0

3 years ago

Consider a large number of countries around the world. There is a positive correlation between the number of cell phones per per

Elena-2011 [213]

Answer:

Option B is correct one.

Explanation:

No, the positive correlation just shows that richer countries have both more nintendos and higher life expectancies it makes no sense to calculate correlation between these two variables.

5 0

3 years ago

3) The need for interpersonal and communication skills fades as a manager moves from the

dexar [7]

Answer:

The answer is true

Explanation:

3 0

3 years ago

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